Connor Clark & Lunn Investment Management Ltd. Raises Position in O-I Glass, Inc. (NYSE:OI)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in O-I Glass, Inc. (NYSE:OI) by 22.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,230 shares of the industrial products company’s stock after purchasing an additional 18,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.06% of O-I Glass worth $1,302,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of OI. Segall Bryant & Hamill LLC purchased a new position in O-I Glass during the third quarter valued at approximately $32,350,000. Levin Capital Strategies L.P. raised its position in shares of O-I Glass by 25.0% during the 2nd quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock valued at $39,082,000 after purchasing an additional 703,308 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of O-I Glass by 8.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock valued at $78,952,000 after buying an additional 573,300 shares in the last quarter. Private Management Group Inc. boosted its holdings in O-I Glass by 20.8% in the 3rd quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after buying an additional 520,452 shares during the period. Finally, Millennium Management LLC boosted its holdings in O-I Glass by 27.5% in the 2nd quarter. Millennium Management LLC now owns 1,965,426 shares of the industrial products company’s stock worth $21,875,000 after buying an additional 424,102 shares during the period. 97.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OI shares. Robert W. Baird lowered their price objective on O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and upped their price target for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Royal Bank of Canada reduced their price objective on shares of O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Barclays dropped their target price on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Truist Financial reiterated a “buy” rating and issued a $16.00 price target (down from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $16.25.

O-I Glass Stock Performance

Shares of NYSE:OI opened at $12.60 on Wednesday. The firm has a fifty day simple moving average of $12.72 and a two-hundred day simple moving average of $12.23. O-I Glass, Inc. has a 52 week low of $10.08 and a 52 week high of $17.58. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. The stock has a market capitalization of $1.95 billion, a P/E ratio of -4.57 and a beta of 1.20.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the business posted $0.80 EPS. The firm’s revenue was down 3.7% on a year-over-year basis. On average, analysts expect that O-I Glass, Inc. will post 0.76 earnings per share for the current fiscal year.

O-I Glass Company Profile

O-I Glass, Inc, through its subsidiaries, engages in the manufacture and sale of glass containers to food and beverage manufacturers primarily in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.